Thomas Cook (India) Ltd. Share Price

Thomas Cook India Approves Sterling Demerger

Thomas Cook (India) Ltd has approved an in-principle proposal to demerge its Resorts and Resort Management business into Sterling Holiday Resorts Ltd, its wholly owned subsidiary. Under the proposed scheme, shareholders will receive 0.81 shares of Sterling Holiday Resorts for every 1 share of Thomas Cook (India). The transaction is subject to approval from the NCLT and other regulatory authorities. Why it matters: The demerger could unlock shareholder value by separating the hospitality business from Thomas Cook’s travel, foreign exchange and digital imaging operations. It may also allow each business to pursue more focused growth strategies and attract investors with different sector preferences. Investor takeaway: The proposed restructuring could improve business transparency and valuation visibility. However, the benefits will depend on regulatory approvals and successful execution.

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Thomas Cook: A Demerger with Hidden Value

Thomas Cook (India) is often seen as a travel company, but it also combines travel, foreign exchange, digital imaging and hospitality. The proposed demerger of Sterling Holiday Resorts could help investors value these businesses separately and remove the “conglomerate discount”. In FY26, forex generated ₹326 crore revenue and ₹149 crore EBIT, a 46% operating margin. Forex turnover was ₹13,300 crore, up 8%. Since FY21, forex revenue has grown at about 25% CAGR and EBIT at nearly 60%. Its prepaid forex float stood at ₹1,600 crore, helping generate ₹92.9 crore of interest income. Sterling is another major value driver. It recorded ₹534 crore revenue and ₹175 crore EBITDA in FY26, with a 33% margin. It is debt-free with around ₹340 crore cash. In Q1FY27, occupancy jumped to 77%, room rates rose 10% to ₹7,809 and RevPAR increased 20%. Revenue rose 21% to ₹170 crore and EBITDA rose 21% to over ₹62 crore, with a 37% margin. Shareholders are expected to receive 0.81 Sterling shares for every Thomas Cook share. The continuing Thomas Cook business will retain travel, forex and digital imaging. Digiphoto remains a weakness: Q1FY27 revenue fell 38% to ₹131 crore and EBIT swung from a ₹10.6 crore profit to a ₹15.2 crore loss. For shareholders, the demerger can help each business attract the right investors and get sharper management focus. At ₹112 a share, market value was about ₹5,252 crore, with estimated unencumbered net cash of ₹771 crore. A sum-of-the-parts approach suggests potential undervaluation of 8%-38%. the demerger may take until Q1FY28. This may improve transparency and valuation. Success depends on Sterling improving occupancy and profits, forex sustaining growth and Digiphoto recovering. If these happen, separating the businesses could unlock meaningful shareholder value.

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Launch Exclusive Lakshadweep Charter Flights

Code BSE: 500413 NSE:

-Thomas Cook India & SOTC Travel Launch Exclusive Lakshadweep Charter Flights from Bengaluru for Year-End 2026 -Addresses connectivity gaps across high-demand destinations with charter flights to Lakshadweep from Bengaluru and Bhutan from Mumbai The specially curated journeys provide access to the spectacular islands of hinnakara and Bangaram, with a choice of premium stays including Praveg’s Atoll at Thinnakara, Taj Coral Pearl Bangaram and IHCL SeleQtions, Bangaram. Travellers can choose from non-sea-view and sea-view room categories, based on their preferred holiday experience. From turquoise waters and coral landscapes to the distinctive character island living, the offering brings together the destination’s natural beauty with the convenience of an end-to-end holiday experience. The charter initiative forms part of Thomas Cook India and SOTC Travel’s broader focus on identifying opportunities where enhanced connectivity can enable greater access to sought-after destinations. During the same period, the companies are also operating charter flights to Bhutan from Mumbai, complementing the new Lakshadweep connectivity from Bengaluru. Together, these initiatives reflect an pproach centered on identifying routes where there is an opportunity to bridge connectivity gaps and create more convenient access to destinations with strong traveller interest.

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Thomas Cook (India) Ltd – Company Analysis

Thomas Cook (India) Ltd is a diversified travel and financial-services group with businesses spanning travel services, foreign exchange, leisure hospitality through Sterling Holiday Resorts and digital imaging through DEI. The company has a 145+ year legacy and operates across 28 countries with more than 800 touchpoints. Its financial-services business, particularly foreign exchange, is structurally attractive because of its high-margin, relatively asset-light model, while travel and hospitality provide exposure to India's rising travel and leisure spending. The financial picture is mixed but the balance sheet remains a key strength. FY26 standalone revenue from operations increased to ₹2,133.8 crore from ₹2,073.7 crore, while the company reported standalone net profit of approximately ₹191 crore. However, Q4 FY26 consolidated revenue declined 10% year-on-year and net profit fell around 40%, showing pressure in the travel business. Looking ahead, the biggest opportunity is the recovery and expansion of international and domestic travel, while foreign exchange can provide a relatively stable, high-margin earnings base. Sterling Holidays is another important growth engine, with management highlighting strong recent performance. However, travel demand is sensitive to geopolitical events, currency movements and economic conditions, while the low-margin travel business can dilute group profitability. Overall, Thomas Cook India is more interesting as a diversified travel-and-financial-services turnaround/growth story than as a pure travel company. The strong balance sheet, high-margin forex business and Sterling's growth are positives, but sustained earnings growth and better travel-sector margins are necessary to justify a stronger investment thesis.

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Offer complimentary UAE entry visas for eligible Indian travellers - Thomas Cook (India) Ltd

Code BSE: 500413 NSE:

Thomas Cook India & SOTC Travel Partner with DCT Abu Dhabi to offer complimentary UAE entry visas for eligible Indian travellers As select travel partners for the programme, under which DCT Abu Dhabi covers the full cost of UAE entry visas for eligible bookings, the companies will enable eligible customers booking leisure holiday packages with a minimum continuous three-night hotel stay in Abu Dhabi to avail of a complimentary UAE entry visa at no additional cost. The offer is applicable for eligible bookings made between 1 August and 31 October 2026, for travel until 31 October 2026, and is subject to applicable terms and conditions.

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Introduces industry-first cross-border rewards programme - Thomas Cook (India) Ltd

Code BSE: 500413 NSE:

Thomas Cook India introduces industry-first cross-border rewards programme for its forex card customers The rewards programme is expected to drive greater usage of prepaid forex cards for everyday overseas purchases, encourage a shift from cash withdrawals to retail spends, and deepen customer engagement through repeat usage. By rewarding transactions across travel, dining and lifestyle categories, Thomas Cook India is further enhancing the value proposition of its forex cards for international travellers.

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